State of Michigan Retirement System Has $13.14 Million Stock Holdings in Lumentum Holdings Inc. $LITE

Key Points

• The State of Michigan Retirement System increased its Lumentum stake by 11.8% in the first quarter, bringing its holdings to 18,700 shares valued at about $13.14 million.
• Lumentum reported better-than-expected earnings for the quarter, with EPS of $2.37 versus the $2.27 estimate, and revenue surged 90.1% year over year to $808.4 million.
• Wall Street remains constructive on the stock, with 14 Buy ratings and seven Hold ratings, and analysts’ average target price sits at $1,012.67, even as some insiders recently sold shares.

State of Michigan Retirement System lifted its holdings in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 11.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,700 shares of the technology company's stock after buying an additional 1,972 shares during the quarter. State of Michigan Retirement System's holdings in Lumentum were worth $13,142,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Hilton Head Capital Partners LLC acquired a new stake in Lumentum in the 1st quarter valued at about $25,000. Sachetta LLC lifted its position in shares of Lumentum by 118.8% during the first quarter. Sachetta LLC now owns 35 shares of the technology company's stock worth $25,000 after purchasing an additional 19 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in shares of Lumentum during the fourth quarter valued at approximately $28,000. Truvestments Capital LLC grew its stake in shares of Lumentum by 300.0% during the fourth quarter. Truvestments Capital LLC now owns 76 shares of the technology company's stock valued at $28,000 after purchasing an additional 57 shares during the last quarter. Finally, Triumph Capital Management acquired a new stake in shares of Lumentum in the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 94.05% of the company's stock.

Lumentum Price Performance

Shares of LITE stock opened at $752.00 on Thursday. The firm's 50 day moving average price is $872.19 and its two-hundred day moving average price is $708.38. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.97 and a current ratio of 1.14. Lumentum Holdings Inc. has a 52-week low of $95.18 and a 52-week high of $1,085.68. The stock has a market cap of $58.51 billion, a PE ratio of 139.26 and a beta of 1.48.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its earnings results on Tuesday, May 5th. The technology company reported $2.37 EPS for the quarter, beating the consensus estimate of $2.27 by $0.10. Lumentum had a net margin of 17.61% and a return on equity of 24.81%. The company had revenue of $808.40 million during the quarter, compared to analysts' expectations of $810.21 million. During the same quarter in the previous year, the company posted $0.57 EPS. The business's revenue for the quarter was up 90.1% compared to the same quarter last year. Lumentum has set its Q4 2026 guidance at 2.850-3.050 EPS. As a group, analysts forecast that Lumentum Holdings Inc. will post 6.4 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Raymond James Financial reaffirmed an "outperform" rating and set a $1,014.00 price objective on shares of Lumentum in a report on Wednesday, May 6th. Loop Capital lifted their target price on Lumentum from $900.00 to $1,400.00 and gave the company a "buy" rating in a research note on Tuesday, May 5th. Citic Securities boosted their target price on Lumentum from $620.00 to $1,186.00 in a research report on Monday, May 11th. JPMorgan Chase & Co. upped their price target on Lumentum from $950.00 to $1,130.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Finally, Susquehanna raised their price target on Lumentum from $550.00 to $1,100.00 and gave the company a "positive" rating in a report on Monday, April 20th. Fourteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, Lumentum currently has an average rating of "Moderate Buy" and a consensus target price of $1,012.67.

Insiders Place Their Bets

In other news, insider Vincent Retort sold 3,183 shares of the company's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $953.95, for a total value of $3,036,422.85. Following the completion of the sale, the insider directly owned 89,563 shares of the company's stock, valued at $85,438,623.85. This represents a 3.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Wajid Ali sold 2,487 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $953.95, for a total transaction of $2,372,473.65. Following the completion of the sale, the chief financial officer owned 60,951 shares in the company, valued at $58,144,206.45. This represents a 3.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 41,260 shares of company stock valued at $38,859,220 in the last ninety days. 0.43% of the stock is currently owned by insiders.

Lumentum Profile

Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.

Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.

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